In a highly anticipated announcement today, Cisco unveiled its remarkable third-quarter financial results, covering the period ending April 29, 2023. The tech giant reported an astounding revenue of $14.6 billion, signifying a significant growth trajectory for the company.
Notably, Cisco’s net income, calculated based on generally accepted accounting principles (GAAP), reached an impressive $3.2 billion or $0.78 per share. However, the company’s non-GAAP net income surpassed all expectations, soaring to an extraordinary $4.1 billion or $1.00 per share.
“We once again delivered a strong quarter in a dynamic environment,” said Chuck Robbins, chair and CEO of Cisco. “In Q3, we delivered record revenue and double-digit growth in both software and subscription revenue.
“As key technologies like cloud, AI and security continue to scale, Cisco’s long-established leadership in networking, and the breadth of our portfolio position us well for the future.”
“Our operational discipline and focused execution resulted in strong top and bottom-line growth, margin expansion and record operating cash flow,” said Scott Herren, CFO of Cisco.
“Our healthy backlog, recurring revenue streams and RPO, as well as the improving availability of supply, underpin our confidence to increase full year guidance.”
During the third quarter of fiscal year 2023, the networking giant distributed $2.9 billion to our stockholders through a combination of share buybacks and dividends. A cash dividend of $0.39 per common share, totaling $1.6 billion, was declared and paid out.
Additionally, Cisco utilised it’s stock repurchase program to buy back approximately 25 million shares of common stock at an average price of $49.45 per share, amounting to a total purchase price of $1.3 billion.
The company’s remarkable financial achievements in Q3 further solidify Cisco’s position as a market leader. With its innovative solutions, strategic partnerships, and a relentless pursuit of customer satisfaction, Cisco is well-positioned to maintain its momentum and continue delivering long-term value for its stakeholders.
